Digital transformation is changing how we think and work
Never in the long history of the re/insurance industry has it been swept up in such a profound wave of modernisation. Digitalisation is catapulting the industry into a new era: It's making it possible to manage and predict risks in ways unthinkable a few years ago. Faced with new opportunities – and new, emerging risks – re/insurers are shifting their focus from pure risk transfer to new risk solutions.
New technologies bring greater efficiency and open new areas of business for Swiss Re. By combining our risk knowledge, amassed over decades, together with expertise in the fields of technology, data and risk management, we can provide new services and solutions to a wide range of customers and partners. Ultimately, we enable communities to thrive and innovate. It's a win-win.
Knowledge is power
Our data insight service, "Climate Risk Solutions for Corporates", for example, assesses and quantifies the impact of physical climate risks on our commercial insurance clients' assets and business operations, regardless of their industry. Combining customer data, public data and climate forecasts, the service generates a comprehensive picture of a company's exposure. This might reveal, for example, whether they operate in a hotspot for climate risk, or if they may be disproportionately affected by climate change. Such information can inform appropriate actions to reduce or avoid the risk – as the saying goes, "knowledge is power".
Data has always been the beating heart of what we do
Swiss Re's business has always been about data. The insights it provides are becoming even more important to respond to client needs quickly and open up growth opportunities. Moreover, we use data and analytics to increase our contribution to the resilience of society.
To scale our insights and solutions and make them available to others, we rely on platforms and public cloud partnerships. The Risk Resilience Center is one such platform. Developed together with Palantir Technologies during the pandemic, it brings together COVID-19-related health, economic, and social data. This combination enables complex analytics between individual countries' health systems and business and travel activities. While it typically takes weeks to integrate and curate data from various sources, the platform updates and transforms datasets automatically, multiple times per hour.
By giving other parties access to the platform, we contribute to the greater good. Last year, we opened the Risk Resilience Center to research teams of the Trinity Challenge, enabling them to analyse the spread of the pandemic, the economic impact of lockdowns and derive actionable solutions. The platform is a game changer for the industry, and it's just the beginning of state-of-the-art risk insight services which address major global risks.
Agility is crucial for our success
Data analytics and modern infrastructure enabled by public cloud technology are an integral part of our business. Our digital transformation is well on track and does not stop when it comes to the way we work.
To enable transformation delivery at pace and ensure we can respond quickly to changes in the market, we're moving many of our roles to scaled agile working practices. Agility at scale is essential to enable seamless collaboration between different units, across technology and business teams. "Going agile" means reinventing the way we work, fully empowering teams and replacing traditional hierarchical structures with a shared concept of aligned autonomy and decision making. We've found that this creates an engaging, continuous learning environment where our employees feel trusted and empowered to drive the various "missions" at hand. As a result, we can maximise value for our customers.
Exciting challenges with a strong purpose
Technology and data are the cornerstones of Swiss Re's future success, continuously allowing us to better identify, predict and mitigate risks. There are few industries right now that offer such a fascinating environment, that use technology to develop solutions to deal with risk, that address society's most burning issues, and that make the world more resilient.
A strong purpose and exciting work await technology experts, data scientists and other tech professionals here at Swiss Re - check out Working at Swiss Re.